pSX emulates the Sony Playstation 1, almost everything is emulated (to my knowledge) and most if not all games should run perfectly.
One thing that should be noted is that pSX DOES NOT use plugins. The emulator is completely self contained.
The emulator has been designed to be as easy and unobtrusive to use as possible - in most cases you will not need to configure anything to use it (except maybe the controls).
If you get a d3dx dll missing, go here and download the required package : http://nexe.gamedev.net/directKnowledge/default.asp?p=D3DX+DLL